Can You Get a Used Car Loan With a 650 CIBIL Score?

A CIBIL score is a 3-digit number ranging from 300 to 900 that represents your credit history. Calculated by the TransUnion CIBIL credit bureau based on information submitted by financial institutions, this score summarizes your past credit behavior.

Lenders use this score as an initial filtering tool to gauge the likelihood of a borrower defaulting on payments. While important, it is only one component of a complete financial profile; it does not tell a lender your current income or the value of the asset you are buying.

Yes, 650+ is our current benchmark. Securing a used car loan with 650 CIBIL score is possible because pre-owned car financing involves an asset acting as collateral.

However, clearing the benchmark score is just the first step. The final lender decision depends heavily on more than just CIBIL. Your final approved interest rate, maximum loan amount, and funding percentage will still vary depending on the lender's evaluation of the vehicle and your income.

Below the current 650 benchmark, available lender options may be more limited. We do not promise guaranteed approvals or special low-CIBIL loan programs.

Other profile factors can still influence a lender's decision. If you have a stable, verifiable income or a creditworthy co-applicant, some specialized lenders in our network may evaluate your case manually, though they may require a higher down payment.

Two people with the same CIBIL score can receive different loan outcomes. Lenders comprehensively evaluate:

A stronger credit profile can improve the available lender options you have access to, and it may positively affect pricing. Many banks practice risk-based pricing, offering their best rates to applicants posing the least risk.

For Mehar Advisory's network, used-car finance starts from 11.25% p.a.*; the final rate depends on the selected lender, vehicle, and applicant profile.

Your CIBIL score does not directly dictate the loan amount you will receive. Instead, the maximum eligible loan amount is heavily influenced by the vehicle's technical valuation, the maximum funding limit, and the lender's assessment of your income.

Through our network, the eligible loan amount ranges from ₹1 lakh to up to ₹50 lakh, with funding up to 90% of the eligible vehicle value. A stronger credit profile makes lenders more comfortable offering the maximum allowable funding percentage for that specific vehicle.

• Keep loan and credit card repayments on time to build a strong history.
• Avoid unnecessary multiple credit applications which generate hard enquiries.
• Keep credit-card usage under control (utilization below 30%).
• Check your credit report periodically for errors and raise disputes if needed.
• Keep your income documentation and KYC details consistent.
• Disclose all existing obligations accurately during your loan application.